Canadian Pacific CP
announced today that it has been ordered by the Canadian Transportation Agency
(CTA) to interchange traffic with the Montreal Maine and Atlantic Railway
(MM&A) company effective immediately.
On August 13, 2013, CP issued an embargo regulating the interchange of all
traffic to and from the MM&A. This was in response to the same-day decision
by the CTA to withdraw MM&A's certificate of fitness. The CTA's decision
suspended MM&A's ability to operate a railway.
The CTA modified its decision on August 16, 2013 to permit MM&A to continue to
operate until October 1, 2013, conditional upon MM&A proving adequate
insurance.
CP expressed its concerns regarding the fitness of MM&A to safely handle
hazardous substances, including the crude oil currently under investigation in
the Lac Megantic derailment. The CTA dismissed CP's arguments and ordered CP
to lift the embargo.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in